Sterling surges as Theresa May secures Brexit assurances, yen dips

Or EU leaders could throw a lifeline to May by offering a deal on the backstop.

United Kingdom prime minister Theresa May just sealed a "new" deal with the European Union over Britain exiting the remaining 27-nation bloc.

However Attorney General said that while it "reduced the risk" of the United Kingdom indefinitely remaining in the backstop, his legal opinion was unchanged that there was no unilateral way for the United Kingdom to exit the protocol.

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Theresa May looked exhausted as she left Downing Street this morning to beg her MPs to vote for her deal in a lunchtime meeting, warning them that Britain may never leave the European Union if they refuse to back her tonight.

If the no-deal option is rejected, there could be a third vote on Thursday on whether Brexit needs to be delayed in order to secure a new deal.

More than two hours later - at 11:40 p.m. - the tired leaders sat down for a joint news conference to announce changes they both hope will now put an end to the tortuous negotiations that have defined the U.K.'s exit from the 28-country bloc.

She told lawmakers after the passed the non-binding motion rejecting a no-deal Brexit they are down to two choices: approving a withdrawal agreement in coming days and asking the European Union for a short delay, or requesting a "much longer" extension in hopes of negotiating a new arrangement.

The EU will have to agree to any extension to article 50 and the commission's secretary general, Martin Selmayr, told ambassadors on Monday that the safest delay to Brexit would only be up to 23 May, ensuring that elections to the European parliament would not create complications.

MPs were clear that legal changes were needed to the backstop.

"The legal instrument that we have agreed is an addition to the Withdrawal Agreement".

"Now is the time to come together, to back this improved Brexit deal, and to deliver on the instruction of the British people", May said.

And anti-Brexit campaigners haven't abandoned the idea of a new referendum on remaining in the EU. Even if he changes his legal advice and endorses the new deal, May still has a huge task ahead to persuade enough members of her own Conservative Party to support her plan in Tuesday night's vote. "It is this deal or Brexit might not happen at all". And the so-called "independent group" with 11 MPs, who recently resigned from the Labour and Conservative parties, may also oppose her plan. Two years after Brits voted for Brexit and May set the withdrawal in motion, the U.K.is still squabbling internally about what it actually wants-there's no evidence that a few more months will make a difference.

"The prime minister has run down the clock and the clock has been run out on her", said Opposition Labour Party leader Jeremy Corbyn.

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